JOYY (NASDAQ:JOYY) Reaches New 1-Year High – Here’s What Happened

JOYY Inc. Sponsored ADR (NASDAQ:JOYY) shares reached a new 52-week high on Monday . The company traded as high as $75.25 and last traded at $74.99, with a volume of 14641 shares traded. The stock had previously closed at $73.95.

Analysts Set New Price Targets

JOYY has been the topic of several recent research reports. Zacks Research upgraded JOYY from a “strong sell” rating to a “hold” rating in a research report on Monday, May 11th. Citigroup reiterated a “buy” rating on shares of JOYY in a report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, JOYY currently has a consensus rating of “Moderate Buy” and an average price target of $74.67.

JOYY Stock Performance

The stock’s fifty day simple moving average is $66.74 and its two-hundred day simple moving average is $63.63. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 17.44 and a beta of 0.46.

JOYY Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Shareholders of record on Monday, June 29th were paid a dividend of $1.50 per share. This is a boost from JOYY’s previous quarterly dividend of $1.38. This represents a $6.00 annualized dividend and a yield of 8.0%. The ex-dividend date was Monday, June 29th. JOYY’s payout ratio is currently 138.75%.

Hedge Funds Weigh In On JOYY

Several hedge funds and other institutional investors have recently modified their holdings of JOYY. Sittner & Nelson LLC purchased a new stake in shares of JOYY during the 3rd quarter worth about $29,000. EverSource Wealth Advisors LLC raised its holdings in JOYY by 167.7% in the first quarter. EverSource Wealth Advisors LLC now owns 613 shares of the company’s stock valued at $36,000 after buying an additional 384 shares during the period. Ramsey Quantitative Systems acquired a new position in JOYY during the second quarter valued at approximately $63,000. DGS Capital Management LLC lifted its position in JOYY by 5.9% during the first quarter. DGS Capital Management LLC now owns 3,792 shares of the company’s stock valued at $221,000 after buying an additional 211 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. purchased a new stake in JOYY during the first quarter worth approximately $281,000. 36.83% of the stock is owned by institutional investors and hedge funds.

JOYY Company Profile

JOYY Inc (NASDAQ: JOYY) is a China-based technology company that develops and operates social media and live-streaming platforms. The company’s core business centers on real-time interactive video services and short-form social content, enabling users to create, share and monetize live and recorded audio-visual content. JOYY’s platforms are designed to connect creators and viewers through features such as live chat, virtual gifting and subscription-based interactions.

Products and services provided by JOYY include consumer-facing mobile and web applications that support live entertainment, social networking and short-form video consumption.